Navios Maritime Holdings revealed a $21.5m arbitration victory over Vale as the New York-listed shipowner unveiled a deeper-than-expected quarterly loss.
The company also announced the sale of a loan to spinoff Navios Maritime Partners.
Piraeus-based Navios said a New York arbitration panel ordered Vale, the Brazilian mining giant, to pay subsidiary Navios South American Logistics over a terminated contract of affreightment. The award covers all unpaid invoices, late payments and legal fees.
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